Russia's oil price in roubles has fallen to a two-year low below the 4,000 rouble per barrel mark and some 40% lower than planned in the federal budget, data showed, piling pressure on the Kremlin, already saddled with a burgeoning budget deficit.

"I think Russia, with the price of oil right now, oil has gone down, we are in a good position to settle, they want to settle. Ukraine wants to settle," U.S. President Donald Trump said.

Oil is down… I think we’re in a good position to resolve [the war],” Trump said, suggesting that both Russia and Ukraine are seeking a peaceful settlement. “Nobody would be negotiating if I weren’t president,

Perceptions of oversupply among oil market participants from increasing OPEC+ output and uncertainty about the economic impact of tariffs have raised short-term oil price volatility, the U.S. Energy Information Administration said on Tuesday.

When US President Donald Trump was inaugurated to his second term as president on Jan. 20, oil prices were close to the highs of the summer before. By early May, they had plunged by nearly a quarter.

Oil prices rebounded on Tuesday after plunging to a four-year low in Monday's session prompted by the Opec+ supply boost. Brent, the benchmark for two thirds of the world's oil, was up 3.52 per cent at 6.